Naples Real Estate Booming with Katrina Evacuee Renters and Buyers
Prior to Hurricane Katrina, Naples, Florida had one of the strongest real estate markets in the state and the fastest appreciating housing prices in the country. Now, the mass exodus caused by Katrina has brought higher prices and stronger sales to the Naples real estate market.
Evacuees are snapping up residential Naples real estate as they realize that they may not be moving back home any time soon. Those who plan on staying for the long term are buying houses, and those who plan on moving back home just as soon as it´s possible are renting. The surge in both buyers and renters has increased sales and rental prices of Naples real estate by 10 to 50 percent.
Commercial Naples real estate is experiencing the same growth as businesses begin to relocate in order to survive. Outside companies are grabbing office and warehouse space as quickly as they can find it.
Investors are also taking advantage of this unexpected renewal of interest in Naples real estate by purchasing as much commercial and residential property as they can and later renting it out to evacuees.
Evacuees are snapping up residential Naples real estate as they realize that they may not be moving back home any time soon. Those who plan on staying for the long term are buying houses, and those who plan on moving back home just as soon as it´s possible are renting. The surge in both buyers and renters has increased sales and rental prices of Naples real estate by 10 to 50 percent.
Commercial Naples real estate is experiencing the same growth as businesses begin to relocate in order to survive. Outside companies are grabbing office and warehouse space as quickly as they can find it.
Investors are also taking advantage of this unexpected renewal of interest in Naples real estate by purchasing as much commercial and residential property as they can and later renting it out to evacuees.
